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### Question

An investor puts an amount of Rs. 2500 in a simple interest scheme. If the rate of interest is 3%, how long does he have to wait for getting an amount of Rs. 3100?

**A**

8 years.

**B**

9 years.

**C**

7 years.

**D**

10 years.

**Soln.**

**Ans: a**

The interest is I = 3100 - 2500 = 600. So T = $(I × 100)/(R × P)$. Solving, we get T = $(600 × 100)/(3 × 2500)$ = 8 years.